Danish Nordea purges top managements in reaction to Pandora's IPO fiasco


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Wednesday, 17 August 2011
The head of the corporate finance department at Nordea in Denmark is to lose his job. The Danish FSA has recently reported to the police,  Nordea as we reported yesterday but according to the Bank the two events are not related, writes the Danish business daily Borsen on its website.


The Danish FSA has reported to the police that Nordea’s involvement in the jewellery company Pandora's IPO did not meet required rules.
The FSA thinks that the Bank in their analysis and recommendation of the company’s shares did not sufficiently make it clear about its own economic interest in the company. The view is that they might have used their position to manipulate of influenced investors invest in a company that they did not have a properly unbiased information

Now, the Head of Nordea's Danish corporate finance department has to go, reports Nordea said, however, according to the site, that the two events are unrelated. Corporate finance department helps customers with things such as IPOs and financing issues. According Danish radio, the bosses, and another persons who also got fired, are responsible for Pandora issue.
By Team

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